Board of Finance

Minutes of the Regular Meeting of April 19, 2007

Present: Ralph C. Gold, Celia Senzer, Sally Hart, Tom Bechtle, Anne Ingvertsen, Earl Brecher.

The minutes of the March 15 meeting were approved as presented.

The clerk opened a discussion of the revenues estimated for FY 2008. State grants for education purposes have increased by about one third over FY 2007. Decreases in state grants for general purposes has declined over the previous year, especially compared with actual grants levels which were increased by last-minute legislative action. Other fees and in-town revenues have increased due to more activity.

The revenues include $225,570 -- $106,130 from windfall payments of penalties on 490 and other tax deferred programs and $119,440, an amount equal to 10% of the fund balance in the audit for FY 2006. The practice of using 10% of the fund balance began last year. It’s purpose is to increase the non-tax budget and to reduce the amount to be paid by tax payers.

The bottom line of the expenditure budget -- $6,028,656 – is an increase of 2.2% over the previous year. The taxes to be collected in FY 2008 are, in fact, less than FY 2007’s by about $25,000, an effect of revaluation. As a result the mill rate for FY 2008 is expected to be 11.9, almost half of this year’s rate of 21.8.

“The Town has the obligation to pay its bills,” observed Chairman Ralph Gold. “not to suck in money it doesn’t need.” Celia Senzer noted that the Board has a particular responsibility to “do right by this budget” in the light of the apprehension in town caused by the revaluation.

Earl Brecher moved and Senzer seconded a motion to transfer

From 01-466-100-00 Contingency Fund $8,000

To increase 01-425-616-04 Highway Temporary Labor

The meeting adjourned at 8:23 pm.

Lisa Lansing

Clerk